Singapore has secured the top spot once again in the Xinhua-Baltic International Shipping Centre Development Index Report. It is the ninth consecutive year that the report, published jointly by Chinese state news agency, Xinhua, and global maritime data provider, the Baltic Exchange, has ranked Singapore as the leading global maritime centre.
The city state scored 94.88 out of a possible 100 points, whilst second on the list was maritime professional services stronghold, London, with 83.04 points. Meanwhile, Shanghai, home to the world’s largest port, takes third place with 82.79 points.
Singapore has earned its longstanding spot at the top of this shipping centre index due to its wide and established ecosystem of professional global maritime services, good governance, ease of doing business and large and strategically situated port.
Further down the top ten, there was little movement as Hong Kong, Dubai, Rotterdam and Hamburg take fourth, fifth, sixth and seventh place respectively.
This year, however, New York/ New Jersey overtook Athens/ Piraeus to take the eighth place on the list, due to its port’s exceptionally strong TEU uptick in 2021, as logistics companies moved goods through the US east coast port to avoid congestion on the US west coast.
Like last year, the Chinese port of Ningbo-Zhoushan comes in tenth. Its place in this list is almost entirely due to it being the third busiest port in the world in terms of cargo handling, following Singapore and Shanghai.
The report finds:
– Singapore leads the rankings for the ninth year followed by London, Shanghai, Hong Kong and Dubai
– Location still matters, as does ease of doing business and access to professional maritime services
– New York/New Jersey moved up one place to number eight, due to an increase of TEUs handled as cargoes were re-routed from US west coast ports
– Athens/Piraeus drops one point to ninth place, but remains strong with good throughput figures
Top 10 locations remain largely unchanged since 2021 and features four Asian, four European, one Middle East and one United States location
A total of 43 maritime locations were rated as part of this report, which considers port factors including cargo throughput, number of cranes, length of container berths and port draught; number of players in professional maritime support businesses such as shipbroking, ship management, ship financing, insurance and law as well as hull underwriting premiums; and general business environment factors such as customs tariffs, extent of electronic government services and logistics performance.
The average score amongst the top 10 ports is 76.98 out of 100, with the average across the entire 43 rankings standing at 58.70.
Click to read the full report at https://bit.ly/3uHilXS.